Lloyds Premier vs Virgin Money: Switch Bonus Comparison
Lloyds Premier offers the better net value at £410 vs £150 after fees.
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- Pay in £5,000/month (or hold £100k+ in Lloyds savings/investments)
- Full CASS switch with 3 active direct debits
- Spend £200 on debit card within 35 days
- Account opened on or after 24 Feb 2026
- Full CASS switch required
- Bupa Family GP & Wellbeing subscription
- 1% debit card cashback (up to £10/month)
- Disney+ Standard with Ads (or cinema tickets/lifestyle benefit)
- 0.2% mortgage discount
- 6.25% Regular Saver
Verdict: Lloyds Premier vs Virgin Money
Lloyds Premier offers the higher switch bonus at £500 vs £150.
After accounting for monthly fees, Lloyds Premier gives you more in your pocket with a net value of £410.
Virgin Money has no monthly fee, while the other charges £15/month.
Virgin Money has fewer requirements (1 vs 4), making it simpler to qualify.
Lloyds Premier comes with more perks (5 vs 0), including things like bupa family gp & wellbeing subscription.
Virgin Money has no income requirement, while Lloyds Premier requires £60,000/yr.
Frequently Asked Questions
Which has the higher switch bonus, Lloyds Premier or Virgin Money?
Lloyds Premier currently offers the higher bonus at £500, compared to £150 from the other bank.
Can I switch to both Lloyds Premier and Virgin Money?
Yes, you can switch to both banks, but you need to do them one at a time using the Current Account Switch Service (CASS). Complete one switch, wait out the cooling-off period, then switch again to the second bank.
How long is the cooling-off period for Lloyds Premier and Virgin Money?
The cooling-off periods are: Virgin Money: 12 months. During this time you cannot switch away without potentially losing your bonus.
Which bank is easier to switch to, Lloyds Premier or Virgin Money?
Both banks use the Current Account Switch Service (CASS), which makes the process straightforward. The main differences are in specific requirements like minimum pay-in amounts, number of direct debits, and whether you need to use their app. Check the requirements comparison above for full details.